Euro-Based Stablecoins Turn Best Sellers in 2024
The introduction of the Markets in Crypto-Assets Regulation (MiCA) in 2024 helped to make euro-backed stablecoins a major force behind the expansion of the European cryptocurrency market after gaining institutional players and liquidity throughout the region.
Monthly volumes of euro-backed stablecoins surged to almost €800 million in November, marking a multi-year high. This sharp increase can be largely attributed to Banking Circle’s EURI stablecoin, which gained significant traction after being listed on Binance, according to the most recent report by research firm Kaiko and cryptocurrency exchange Bitvavo, based in the Netherlands.
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MiCA’s regulatory clarity, which went into effect in June, has boosted liquidity, brought in institutional players, and restored investor confidence. Tether’s decision to stop supporting its euro-backed stablecoin, EURT, citing regulatory concerns, highlights ongoing difficulties within the changing framework.
The European cryptocurrency market saw revolutionary expansion in 2024, with trade volumes in euros reaching all-time highs.
The euro’s share of Bitcoin-fiat trading increased from 3 to 6 percent to almost 10 percent, solidifying its position as the third most traded fiat currency in global crypto markets, behind the US dollar and the Korean Won. European exchanges like Coinbase, Kraken, and Bitvavo were important; Bitvavo held a nearly 50% market share and led in euro-denominated trading volumes. These platforms greatly increased the number of euro-denominated pairs they offered To satisfy the increasing demand listing over 330 new pairs in 2024. B
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